Investment Performance

The following figures are estimated net returns of our two investment accounts managed by Third Point LLC for the current monthly and year-to-date periods. Corresponding results of our reinsurance operations are not available. Results of our investment accounts managed by Third Point LLC for such periods are based on information provided by our investment manager. This information has not been audited.

Our investment manager, Third Point LLC, and its affiliates manage investments on behalf of Third Point Reinsurance Company Ltd. and Third Point Reinsurance (USA) Ltd. in accordance with common investment guidelines. Third Point LLC and its affiliates manage and expect to manage other client accounts and investment funds, some of which have investment objectives similar to ours. To comply with Regulation FD, we have provided the following summary of our investment performance with respect to both of our separate accounts, on a continued basis.

(1) Investment returns are calculated monthly and compounded to calculate the annual returns. Actual investment income may vary depending on cash flows into or out of the investment account. Past performance is not necessarily indicative of future results.

(2) The annual performance calculation for 2013 includes the monthly performance returns for the entire calendar year although the monthly returns are only displayed from the time of the TPRE Initial Public Offering in August 2013.

All information provided herein has been prepared by Third Point LLC at the request of Third Point Reinsurance Ltd. (“TP Re”). All P&L and performance results are based on the
net asset value of the two investment accounts of TP Re and are presented net of management fees, brokerage commissions, administrative expenses, and accrued performance allocation, if any, and include the reinvestment of all dividends, interest, and capital gains. Performance allocation is accrued monthly but deducted annually. All performance results are estimates and should not be regarded as final until audited financial statements are issued. Past performance is not necessarily indicative of future results. All information provided herein is for informational purposes only and should not be deemed as a recommendation to buy or sell securities. All investments involve risk including the loss of
principal. This communication does not constitute an offer to sell or the solicitation of an offer to purchase any security or investment product.